'Time to take difficult decisions': Asad Umar steps down as finance minister, will not hold any portfolio

Finance Minister Asad Umar — an hour after announcing that he is stepping down as finance minister — told a press conference that it was time to make some "difficult decisions" to stabilise the economy and that he hopes his replacement would be supported in their efforts.

Umar announced earlier on Thursday that he has obtained the prime minister's consent "to not take any cabinet position" days after reports of a reshuffle in the cabinet were rubbished by the government's spokesperson.

"As part of a cabinet reshuffle, [the] prime minister desired that I take the energy minister portfolio instead of finance," he said. "However, I have obtained his consent to not take any cabinet position."